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T R O U B L E D C O M P A N Y R E P O R T E R
Saturday, September 18, 2010, Vol. 14, No. 259
Headlines
ASCENDIA BRANDS: Ends July 2010 With $1,000 Cash
ASCENDIA BRANDS: Ascendia Brands Co. Ends July With $4,481 Cash
SPECIALTY PRODUCTS: Ends June 2010 With $8.2 Million Cash
SPECIALTY PRODUCTS: Ends July With $9.9 Million Cash
SPECIALTY PRODUCTS: Bondex Int'l Posts $40,171 Net Loss in June
SPECIALTY PRODUCTS: Bondex Int'l Posts $39,641 Net Loss in July
VALUE CITY: Ends July 2010 With $6,582,464 Cash
*********
ASCENDIA BRANDS: Ends July 2010 With $1,000 Cash
------------------------------------------------
Ascendia Brands, Inc., filed on August 27, 2010, a monthly
operating report for July 2010.
The Debtor's schedule of receipts and disbursements for July 2010
showed:
Cash, beginning of month $1,000
Total receipts $5,100
Total disbursements $5,100
Net cash flow $0
Cash, end of month $1,000
Included in total disbursements are payments for professional fees
of $1,000 and U.S. Trustee quarterly fees of $2,600.
A copy of the Debtor's July 2010 monthly operating report is
available for free at:
http://bankrupt.com/misc/ascendiabrands.july2010mor.pdf
About Ascendia Brands
Headquartered in Hamilton, New Jersey, Ascendia Brands, Inc. --
http://www.ascendiabrands.com/-- was, prior to the sale of
substantially all of its assets during bankruptcy, a manufacturer
and seller of branded and private labeled health and beauty care
products in North America, including Baby Magic, Binaca, Mr.
Bubble, Calgon, Ogilvie, the healing garden, Lander and Lander
Essentials. Remaining assets consist almost entirely of accounts
receivable.
The Company and six of its affiliates filed for Chapter
11 protection on August 5, 2008 (Bankr. D. Del. Lead Case No.
08-11787). Kenneth H. Eckstein, Esq., and Robert T. Schmidt,
Esq., at Kramer Levin Naftalis & Frankel LLP, represent the
Debtors in their restructuring efforts. M. Blake Cleary, Esq.,
Edward J. Kosmoswki, Esq., and Patrick A. Jackson, Esq., at Young,
Conaway, Stargatt & Taylor, LLP, serve as the Debtors' Delaware
counsel. Epiq Bankruptcy Solutions LLC is the notice, claims and
balloting agent to the Debtors.
At July 5, 2008, Ascendia Brands, Inc., had $194,800,000 in total
assets and $279,000,000 in total debts.
ASCENDIA BRANDS: Ascendia Brands Co. Ends July With $4,481 Cash
---------------------------------------------------------------
Ascendia Brands, Inc., filed on August 27, 2010, for Ascendia
Brands Co., Inc., a monthly operating report for July 2010.
Ascendia Brands Co., Inc.'s July 2010 schedule of receipts and
disbursements showed:
Cash, beginning of month $16,021
Total receipts $0
Total disbursements $11,540
Net cash flow $11,540
Cash, end of month $4,481
A copy of the monthly operating report for July 2010 is available
for free at:
http://bankrupt.com/misc/ascendiabrandsco.july2010mor.pdf
About Ascendia Brands
Headquartered in Hamilton, New Jersey, Ascendia Brands, Inc. --
http://www.ascendiabrands.com/-- was, prior to the sale of
substantially all of its assets during bankruptcy, a manufacturer
and seller of branded and private labeled health and beauty care
products in North America, including Baby Magic, Binaca, Mr.
Bubble, Calgon, Ogilvie, the healing garden, Lander and Lander
Essentials. Remaining assets consist almost entirely of accounts
receivable.
The Company and six of its affiliates filed for Chapter
11 protection on August 5, 2008 (Bankr. D. Del. Lead Case No.
08-11787). Kenneth H. Eckstein, Esq., and Robert T. Schmidt,
Esq., at Kramer Levin Naftalis & Frankel LLP, represent the
Debtors in their restructuring efforts. M. Blake Cleary, Esq.,
Edward J. Kosmoswki, Esq., and Patrick A. Jackson, Esq., at Young,
Conaway, Stargatt & Taylor, LLP, serve as the Debtors' Delaware
counsel. Epiq Bankruptcy Solutions LLC is the notice, claims and
balloting agent to the Debtors.
At July 5, 2008, Ascendia Brands, Inc., had $194,800,000 in total
assets and $279,000,000 in total debts.
SPECIALTY PRODUCTS: Ends June 2010 With $8.2 Million Cash
---------------------------------------------------------
Specialty Products Holdings Corp. filed on August 6, 2010, a
monthly operating report for June 2010.
The Debtor posted a net loss of $68,888 for the period. The
Company's balance sheet at June 30, 2010, showed $488.2 million in
total assets, $214.1 million in total liabilities, and
shareholders' equity of $274.1 million. The Debtor ended the
period with $8.2 million in unrestricted cash and equivalents,
from $0 at the beginning of the period. The Debtor paid a total
of $40,350 in professional fees during the period.
A copy of the monthly operating report is available for free at:
http://bankrupt.com/misc/specialtyproducts.june2010mor.pdf
About Specialty Products
Cleveland, Ohio-based Specialty Products Holdings Corp., aka RPM,
Inc., is a wholly owned subsidiary of RPM International Inc. The
Company is the holding company parent of Bondex International,
Inc., and the direct or indirect parent of certain additional
domestic and foreign subsidiaries. The Company claims to be a
leading manufacturer, distributor and seller of various specialty
chemical product lines, including exterior insulating finishing
systems, powder coatings, fluorescent colorants and pigments,
cleaning and protection products, fuel additives, wood treatments
and coatings and sealants, in both the industrial and consumer
markets.
The Company filed for Chapter 11 bankruptcy protection on May 31,
2010 (Bankr. D. Del. Case No. 10-11780). Gregory M. Gordon, Esq.,
Dan B. Prieto, Esq., and Robert J. Jud, Esq., at Jones Day, serve
as bankruptcy counsel. Daniel J. DeFranceschi, Esq., and Zachary
I. Shapiro, Esq., at Richards Layton & Finger, serve as
co-counsel. Logan and Company is the Company's claims and notice
agent.
The Company estimated its assets and debts at $100 million to
$500 million.
The Company's affiliate, Bondex International, Inc., filed a
separate Chapter 11 petition on May 31, 2010 (Case No. 10-11779),
estimating its assets and debts at $100 million to $500 million.
SPECIALTY PRODUCTS: Ends July With $9.9 Million Cash
----------------------------------------------------
Specialty Products Holdings Corp. filed on August 30, 2010, a
monthly operating report for July 2010.
The Debtor posted a net loss of $82,075 for the period. The
Company's balance sheet at July 31, 2010, showed $487.4 million in
total assets, $213.4 million in total liabilities, and
shareholders' equity of $274.0 million. The Debtor ended the
period with $9.9 million in unrestricted cash and equivalents,
from $8.2 million at the beginning of the period.
A copy of the monthly operating report is available for free at:
http://bankrupt.com/misc/specialtyproducts.july2010mor.pdf
About Specialty Products
Cleveland, Ohio-based Specialty Products Holdings Corp., aka RPM,
Inc., is a wholly owned subsidiary of RPM International Inc. The
Company is the holding company parent of Bondex International,
Inc., and the direct or indirect parent of certain additional
domestic and foreign subsidiaries. The Company claims to be a
leading manufacturer, distributor and seller of various specialty
chemical product lines, including exterior insulating finishing
systems, powder coatings, fluorescent colorants and pigments,
cleaning and protection products, fuel additives, wood treatments
and coatings and sealants, in both the industrial and consumer
markets.
The Company filed for Chapter 11 bankruptcy protection on May 31,
2010 (Bankr. D. Del. Case No. 10-11780). Gregory M. Gordon, Esq.,
Dan B. Prieto, Esq., and Robert J. Jud, Esq., at Jones Day, serve
as bankruptcy counsel. Daniel J. DeFranceschi, Esq., and Zachary
I. Shapiro, Esq., at Richards Layton & Finger, serve as
co-counsel. Logan and Company is the Company's claims and notice
agent.
The Company estimated its assets and debts at $100 million to
$500 million.
The Company's affiliate, Bondex International, Inc., filed a
separate Chapter 11 petition on May 31, 2010 (Case No. 10-11779),
estimating its assets and debts at $100 million to $500 million.
SPECIALTY PRODUCTS: Bondex Int'l Posts $40,171 Net Loss in June
---------------------------------------------------------------
Specialty Products Holdings Corp. filed on August 6, 2010, for
Bondex International, Inc., a monthly operating report for the
filing period June 2010.
The Debtor posted a net loss of $40,171 for the period. The
Company's balance sheet at June 30, 2010, showed:
Total Assets ($187.1) million
Total Liabilities $364.6 million
Shareholders' Equity ($551.7) million.
The Company had $0 cash at the end of the period.
A copy of the monthly operating report is available for free at:
http://bankrupt.com/misc/bondexintl.june2010mor.pdf
About Specialty Products
Cleveland, Ohio-based Specialty Products Holdings Corp., aka RPM,
Inc., is a wholly owned subsidiary of RPM International Inc. The
Company is the holding company parent of Bondex International,
Inc., and the direct or indirect parent of certain additional
domestic and foreign subsidiaries. The Company claims to be a
leading manufacturer, distributor and seller of various specialty
chemical product lines, including exterior insulating finishing
systems, powder coatings, fluorescent colorants and pigments,
cleaning and protection products, fuel additives, wood treatments
and coatings and sealants, in both the industrial and consumer
markets.
The Company filed for Chapter 11 bankruptcy protection on May 31,
2010 (Bankr. D. Del. Case No. 10-11780). Gregory M. Gordon, Esq.,
Dan B. Prieto, Esq., and Robert J. Jud, Esq., at Jones Day, serve
as bankruptcy counsel. Daniel J. DeFranceschi, Esq., and Zachary
I. Shapiro, Esq., at Richards Layton & Finger, serve as
co-counsel. Logan and Company is the Company's claims and notice
agent.
The Company estimated its assets and debts at $100 million to $500
million.
The Company's affiliate, Bondex International, Inc., filed a
separate Chapter 11 petition on May 31, 2010 (Case No. 10-11779),
estimating its assets and debts at $100 million to $500 million.
SPECIALTY PRODUCTS: Bondex Int'l Posts $39,641 Net Loss in July
---------------------------------------------------------------
Specialty Products Holdings Corp. filed on August 30, 2010, for
Bondex International, Inc., a monthly operating report for July
2010.
The Debtor posted a net loss of $39,641 for the period. The
Company's balance sheet at July 31, 2010, showed:
Total Assets ($187.2) million
Total Liabilities $364.6 million
Shareholders' Equity ($551.7) million
The Debtor ended the period with $650 in unrestricted cash and
equivalents, from $0 at the beginning of the period.
A copy of the monthly operating report is available for free at:
http://bankrupt.com/misc/bondexintl.july2010mor.pdf
About Specialty Products
Cleveland, Ohio-based Specialty Products Holdings Corp., aka RPM,
Inc., is a wholly owned subsidiary of RPM International Inc. The
Company is the holding company parent of Bondex International,
Inc., and the direct or indirect parent of certain additional
domestic and foreign subsidiaries. The Company claims to be a
leading manufacturer, distributor and seller of various specialty
chemical product lines, including exterior insulating finishing
systems, powder coatings, fluorescent colorants and pigments,
cleaning and protection products, fuel additives, wood treatments
and coatings and sealants, in both the industrial and consumer
markets.
The Company filed for Chapter 11 bankruptcy protection on May 31,
2010 (Bankr. D. Del. Case No. 10-11780). Gregory M. Gordon, Esq.,
Dan B. Prieto, Esq., and Robert J. Jud, Esq., at Jones Day, serve
as bankruptcy counsel. Daniel J. DeFranceschi, Esq., and Zachary
I. Shapiro, Esq., at Richards Layton & Finger, serve as
co-counsel. Logan and Company is the Company's claims and notice
agent.
The Company estimated its assets and debts at $100 million to
$500 million.
The Company's affiliate, Bondex International, Inc., filed a
separate Chapter 11 petition on May 31, 2010 (Case No. 10-11779),
estimating its assets and debts at $100 million to $500 million.
VALUE CITY: Ends July 2010 With $6,582,464 Cash
-----------------------------------------------
Value City Holdings, Inc., filed on August 20, 2010, a post-
confirmation monthly operating report for July 2010.
Value City Holdings, Inc., ended the July 4 to July 31 period with
$6,582,464 cash:
Cash (Beginning of Period) $8,296,960
Income or Receipts $24,296
Disbursements (Operating) $116,010
Disbursements (Plan) $1,622,781
Cash (End of Period) $6,582,464
A full-text copy of the Debtor's post-confirmation monthly
operating report for the period from July 4 to July 31 is
available for free at:
http://bankrupt.com/misc/valuecity.july2010mor.pdf
About Value City
Headquartered in Columbus, Ohio, Value City Holdings Inc. --
http://www.valuecity.com/-- operates a chain of department stores
in the United States. The company and eight of its affiliates
filed for Chapter 11 protection on Oct. 26, 2008 (Bankr. S.D.N.Y.
Lead Case No. 08-14197). John Longmire, Esq., and Lauren C.
Cohen, Esq., at Willkie Farr & Gallagher LLP, represent the
Debtors' in their restructuring efforts. Epiq Bankruptcy
Solutions LLC is the claims, noticing and balloting agent for the
Debtors. Glenn R. Rice, Esq., at Otterbourg Steindler Houston &
Rosen, PC, represents the official committee of unsecured
creditors as counsel. When the Debtors filed for protection from
their creditors, they listed assets and debts between $100 million
and $500 million each.
On February 4, 2010, the Debtors filed the Joint Chapter 11 Plan
of Liquidation for Value City Holdings, Inc and Its Affiliates and
the Disclosure Statement with respect to the Plan. On March 15,
2010, the Debtors filed the First Amended Plan and related
Disclosure Statement.
On March 18, 2010, the Bankruptcy Court entered an order approving
the Disclosure Statement with respect to the Debtors' First
Amended Plan. On March 23, 2010, the Debtors filed a modified
version of the First Amended Plan and Disclosure Statement. On
May 17, 2010, the Plan was confirmed. On June 10, 2010, the
Effective Date occurred. Pursuant to the Confirmation Order, as
of the Effective Date, each of the Debtors' Cases were closed
except for Case No. 08-14197 (the "Lead Case").
*********
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